Derek Thompson is a senior editor at The Atlantic, where he oversees the Business Channel. More
Thompson has written for Slate, BusinessWeek, and the Daily Beast. He has also appeared as a guest on radio and television networks, including NPR, the BBC, CNBC, and MSNBC.
Steve Rattner, a senior member of President Obama's auto-industry task force, said the administration is confident that a federal judge's approval late Sunday of GM's asset sale will stand against appeals.
Ross Douthat on Sarah Palin:
That last statistic is a crucial one. Palin's popularity has as much to do with class as it does with ideology. In this sense, she really is the perfect foil for Barack Obama. Our president represents the meritocratic ideal -- that anyone, from any background, can grow up to attend Columbia and Harvard Law School and become a great American success story. But Sarah Palin represents the democratic ideal -- that anyone can grow up to be a great success story without graduating from Columbia and Harvard.
I think the implicit idea here that the real class struggle in the United States is between graduates of fancy colleges and graduates of less-fancy colleges is pretty blinkered. Consider the Census Department's information on educational attainment in the United States of America:
What is the appropriate response to Secretary of Transportation Ray LaHood, who as General Motors prepared to file for Chapter 11 bankruptcy protection declared that he wants to "coerce people out of their cars"? One might be inclined to dismiss these words as overkill -- except for recently introduced legislation by some congressional heavy-hitters that would take us down this road.
First there was the "Federal Surface Transportation Policy and Planning Act of 2009," introduced in May by Jay Rockefeller (D., W.Va.), chairman of the Senate Committee on Commerce, Science and Transportation, and Frank Lautenberg (D., N.J.), chairman of the Subcommittee on Surface Transportation. Next, in June, came the "Surface Transportation Authorization Act of 2009," introduced by James Oberstar (D., Minn.), chairman of the House Committee on Transportation and Infrastructure.
As the US unemployment rate has risen to 9.5 per cent from 8.1 per cent since the $787bn fiscal stimulus package was enacted in February, many Democrats have become very nervous. They say that another large stimulus may be needed to keep unemployment from rising well beyond the 10 per cent rate that President Barack Obama has predicted will be reached this year.
Another stimulus would be a grave mistake. The first one was justified by extraordinary circumstances. But it must be given time to work. People should not allow their impatience to lead to the adoption of policies that will not only fail to reduce unemployment this year, but could stoke inflation in the not-too-distant future.
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